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Gabriel India Ltd. reported muted Q1 FY21 results tracking approximately 70% decline in auto original equipment manufacturer (OEM) volumes during the Covid-19 impacted quarter.
Net sales declined 76.2% YoY to Rs 123 crore. Loss at Ebitda level was at Rs 17.1 crore, with gross margins improving approximately 120 basis points QoQ to approximately 29.5%. Loss after tax for the quarter came in at Rs 23.8 crore versus profit of Rs 22.1 crore in the base quarter.
Gabriel India is domestic market leader in automotive suspension segment (comprising products like front forks, shock absorbers, struts) commanding 25% market share in two-wheeler, 15% in private vehicles and 75% in commercial vehicles and railways). The three divisions formed 67%, 20%, 12% of revenues in FY20, respectively.
In months following Covid-19, domestic two-wheeler space has been doing relatively well, with dispatches at key OEMs ramping up in response to improving demand.
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